8.7% GDP growth in 1st quarter means economy is buoyant - CEPA

The Centre for Policy Analysis (CEPA) has described the first quarter growth rate of the economy as buoyant and consistent with its analysis.

The economic think tank says the 8.7 percent growth rate compared with the 3.3 percent recorded in the first quarter of last year indicates that the economy is growing rapidly.

According to provisional estimates by the Ghana Statistical Service, industry recorded the highest growth rate of 21.7 percent followed by the services sector with 5.7 percent.

The agriculture sector once again performed dismally recording a growth rate of -2.9 percent in the first three months of the year.

The Executive Director of CEPA, Dr. Joe Abbey told XYZ Business that this could impact positively on the economy of the country by the end of the year if the trend continues.

“The first quarter of this year is performing better that the first quarter of last year, but we are also saying to you that there is something to worry about, [which is] the first quarter of this year compared to the fourth quarter of last year.”

He said the seasonal decline between the first quarter of 2012 and the last quarter of 2011 witnessed a sharper decline than before.

He explained that what might have caused the decline is the problems being faced in the oil sector.**